Judge accepts SAC guilty plea, $1.2 billion payout for fraud

[Eugene]

Source: Reuters

Judge accepts SAC guilty plea, $1.2 billion payout for fraud

BY NATE RAYMOND
NEW YORK Thu Apr 10, 2014 12:48pm EDT

(Reuters) - SAC Capital Advisors' $1.2 billion criminal settlement for insider trading received final court approval on Thursday, as a U.S. judge accepted a guilty plea from the hedge fund firm run by billionaire Steven A. Cohen.

At a hearing in Manhattan federal court, U.S. District Judge Laura Taylor Swain accepted SAC Capital's guilty plea to fraud charges

Thursday's settlement includes a $900 million fine. To resolve criminal and civil probes into insider trading, SAC Capital has agreed to pay more than $1.8 billion in total.

The U.S. Department of Justice has called the accord the largest insider trading settlement in U.S. history.

[font size=1]-snip-[/font]

Read more: http://www.reuters.com/article/2014/04/10/us-saccapital-crime-idUSBREA391B520140410

[WhiteTara]

1. But still no jail time for the perps. nt